Dec 7, 2012 7:00pm EST
. with the countdown to the fiscal cliff at 24 days, the "washington post" reporting today that federal agencies are sharpening their plans before spending cuts, layoffs, fur lows and just general old down sizing. all if president obama fails to strike a deal, which i believe is increasingly likely. let's brung in distinguished fellow at the heritage foundation, form congressman old friend. ernie, i'm not shedding any tears over this. i think these fur lows and layoffs and downsizing is just what they need. >> i understand that the labor department report which came out today shows that 73% of the new jobs created since june are government jobs. we have 20 million people working for government at the federal, state and local level right now. and i can't tell you the exact mix between federal, state, local, but i do know that a huge number of the people who are on t payrolls are actually getting the money for those programs from the federal government. so the federal government should stop subsidizing states and cities and for that matter should not be putting extra burdens upon them with a lot o
Dec 10, 2012 7:00pm EST
'm larry custody low. this is kwoez custody. all right. some possible optimism on the fiscal cliff. the gop seems to be in a strategic retreat and is likely to allow middle class tax cut bill to pass before december 31. now that's what my washington contacts are telling me. there are many bells and whistles. i believe that's likely. the president went to detroit today to send the fiscal plan and came out against the michigan right to work effort like he did in wisconsin and he's going to lose this one in michigan. meanwhile the economy and jobs are improving but the use of budget busting food stamps continues to soar. could the aggressive food stamp reason why? wait until you hear some of the radio ads. >>> proeb jumped head first into a right to work law today in michigan. eamon javers has the details. good evening. >> reporter: good evening. we are monitoring fiscal cliff talks. it's been radio silence from democrats and republicans in washington. they're sticking to preagreed upon talking points explaining that lines of communication are open. we don't know what it is speaker baner and b
Dec 5, 2012 7:00pm EST
on capital, most regrettable. in a fiscal cliff free fall, tax rates on capital gains could rise to 24%. those dividends could increase to a whopping 44%. here now is former reagan economic adviser art laugher. how can you have capitalism without capital and why is there a war on capital, that includes cap gains, that includes dividends which will triple. it also includes the estate tax. why is there a war on capital? >> i have no idea, larry. i think it's just pure politics. but it's sort of lovely the words and looking them up. i understand that the french don't have a word for entrepreneur or laissez faire. [ laughter ] >> because they never use it. >> they never use it. economics is all about incentives. if you tax people who work, you pay people who don't work, don't be surprised if you find a lot of people not working. it's the rich issue here, which is just fascinating to me. if you tax rich people and give the money to poor people, you're going to get lots and lots of poor people and very few rich people. just look at what happened in britain two years ago when gordon brown rai
Dec 12, 2012 7:00pm EST
just a distortion from the huge fiscal abyss. the fiscal cliff is a pothole relative to the size of our government. the our problem is a spending problem, principally driven by entitlement spending growing at 6%, 7%, 8%. now i'm fearful under the president's economic policy, the new norm is 1.5% to 2% gdp growth. that math doesn't add up. >> that's the thing. if that was the new norm, if i were in there, i wouldn't want to raise taxes but i get your point. you're going to run the financial services committee, an extremely important post. just in brief, sir, i'm sure you've thought about dodd-frank. i just want to get your basic take. what does dodd-frank mean to the financial system and to the economy as you see it, as you ascend to this position of chairman? >> well, i think the regulatory burden is huge and what dodd-frank has done is, number one, not addressed the true route of the financial crisis of '08, which was a lot of federal policies, frankly, that con joeled and mandated financial institutions to loan money to people to buy homes that ultimately they couldn't afford to keep.